Ken Shilson called it one of the “most significant accounting changes buy-here, pay-here operators will ever encounter.” The founder of the National Alliance of Buy-Here, Pay-Here Dealers referenced how the American Institute of Certified Public Accountants passed new credit loss measurement standards that require operators to estimate future anticipated losses on their receivables.

In light of how this is going to impact operators — especially ones who have a related finance company — Shilson is hosting a free, one-hour webinar so BHPH dealers can be armed with more information to create a strategy with their accounting professionals.

During the session set for 3 p.m. ET on Wednesday, Shilson plans to:

• Explain the change in the required financial statement loss reserve.

• Tell operators how this will impact their financial statements, loan covenants and income tax returns.

• Discuss the best ways to minimize the impact of this change.

• Explain how the new requirements will likely affect borrowing relationships.

• Advise on what operators should do now.

“Don’t get surprised. Get updated on this important development,” said Shilson, who also discussed the topic in an online video available here and at the top of this page.

After registering, operators will receive a confirmation email containing information about joining the webinar.

Registration for the session can be completed here.

This accounting topic is also on tap to be discussed in more detail when NABD hosts its upcoming BHPH Conference during the first days of November.

The conference, whose theme is “Best Practices to Succeed Now,” is designed for both new and experienced operators. The event marks the 13th annual fall conference hosted by NABD.

The conference — to be held Nov. 1-3 at the Rosen Shingle Creek Resort in Orlando, Fla. — features dual-track workshop sessions that will focus on best operating practices, compliance, technology and new developments that operators must learn in order to succeed in today's highly competitive subprime auto finance market.

The program includes several of the nation’s leading attorneys, experts and successful operators who will share their tips and techniques to help attendees succeed in a highly competitive subprime market. 

A conference agenda and speaker information is posted and will be updated on the NABD website at www.bhphinfo.com. Attendees and exhibitors are encouraged to register soon while space is still available.

“Successful BHPH operators today must understand and adapt to the competitive subprime market environment. The old ways aren’t working anymore,” Shilson said.

“This conference will definitely help operators compete more successfully while avoiding legal and regulatory pitfalls that can cost them millions,” he added.